Meridianbet Reports Strong Growth in FY2023 and Q1 2024, Continues to Deliver in Post-Acquisition Performance
Meridianbet Group, a subsidiary of Golden Matrix Group Inc. (NASDAQ: GMGI), has reported robust financial results for the fiscal year 2023 and the first quarter of 2024, showcasing the successful integration and strategic benefits of the recent acquisition.
Meridianbet Q1 2024 Highlights
- Total Sales: Meridianbet reported total sales of $24.85 million (8.33% period-to-period growth)
- Gross Profit: The company achieved a gross profit of $17.69 million
- Net Income: Meridianbet’s net income for Q1 2024 was $3.95 million
- Comprehensive Income: Comprehensive income for the quarter was $2.14 million
- Sustained Profitability: We achieved a gross margin of 71.19%
2023 Fiscal Year Highlights
- Impressive Sales Growth: Meridianbet achieved a notable 24.1% increase in sales, reaching a total revenue of $92.99 million.
- Strong Gross Margin: The company maintained a gross margin of 73.39%, reflecting its operational efficiency and market strength.
- Healthy Cash Flow: The cash flow from operating activities to net income ratio stood at an impressive 170%, underscoring the company’s solid financial health.
Meridianbet’s strong performance highlights the successful integration into Golden Matrix Group and emphasizes the strategic synergies achieved from the acquisition.
Our strong start to 2024, following a remarkable performance in 2023, demonstrates a commitment to sustained growth and profitability.
As we continue to leverage our proprietary technology and expand our presence across multiple jurisdictions, we are confident in our ability to drive further success. With a robust financial foundation and strategic initiatives in place, we are well-positioned to capitalize on new opportunities and deliver long-term value to our shareholders. We look forward to maintaining this positive momentum and achieving even greater milestones in the coming quarters.
